Hong Kong Market marks sixth days win

Hong Kong share market finished higher on Monday, 29 April 2024, registering sixth straight session of gains, after strategists from global investment houses upgraded their views on Chinese shares and speculation that more stimulus measures are likely to be unveiled this week for real estate sector.

At closing bell, the benchmark Hang Seng Index climbed up 95.76 points, or 0.54%, to 17,746.91. The Hang Seng China Enterprises Index added 13.10 points, or 0.21%, to 6,282.86.

Shares of real estate developers advanced amid speculation that China would unveil more stimulus measures this week aimed at clearing inventory, boosting sales and lifting home purchase restrictions. Longfor Group surged 7.1% to HK$11.78 and China Overseas Land and Investment rose 4% to HK$14.52. unac China Holdings jumped 28% to HK$1.45, China Vanke surged 19% to HK$4.95 and Shimao Group Holdings soared 61% to HK$0.57.

 

Shares of insurance companies advanced, led by AIA Group, up 6.1% to HK$57.30, after saying that new business value, an underlying gauge of future profitability, increased 27% in the first quarter and boosted its buy-back plan by US$2 billion. China Life Insurance added 2.3% to HK$10.54 after positing better than expected first-quarter results.

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